There are different types of tenancy in the UK, and each has its own set of rules and regulations. It can be difficult to know which type of tenancy you should opt for and what your rights and responsibilities are. Among the most common types is a periodic tenancy, which involves many benefits for both the tenant and the landlord.
If you’re a new landlord looking out to rent your property, having our residential eviction specialists on your side will enable you to find tenants who are suitable to live in your property and who will take good care of it.
Read on to learn everything you need to know about periodic tenancies!
What Is A Periodic Tenancy?
A periodic tenancy is an arrangement that ends after a certain period of time. These arrangements usually end on a fixed date, either at the end of a lease or at the end of the rental period specified in the agreement. Typically, periodic tenancies last a few weeks or months before renewing or ending.
Unlike other types of tenancies, a periodic tenancy contract is a rolling contract, meaning the rent amount can change periodically as the agreement’s term ends.
Two Types of Periodic Tenancies
Statutory Tenancy
A statutory tenancy is automatically assigned to people who are renting from a private landlord. When a tenant stays after the end of their lease agreement or rental agreement, they become a statutory tenant. If you keep paying the rent for your landlord’s property after the lease term is over, you become a statutory tenant.
Contractual Tenancy
This type of periodic tenancy requires an agreement between a landlord and a tenant where the terms of the tenancy must be in writing. The term of the tenancy must also specify a fixed date when the tenancy will end, and the landlord can send a tenant eviction notice to the tenant.
How A Periodic Tenancy Works
A periodic tenancy is one of the simplest forms of tenancy available in the UK. It requires the least amount of paperwork to be drawn up and agreed to by both parties.
The contract between the tenant and the landlord does not need to be renewed regularly and can last for as long as the parties want it to. There is no limit to how long the tenancy can continue as long as the terms of the agreement are being followed. If neither party wants to continue with the arrangement at the end of the agreed term, the tenancy simply ends.
The tenancy ends when:
- Mutual agreement between both parties
- The landlord sends a notice
- The tenant sends a notice
- The landlord evicts the tenant
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